The Debt & Structured Finance team of CBRE Capital Markets has secured a $100 million construction loan for The Grove, in Los Gatos, Calif., CBRE announced Friday. The project’s first phase, now under construction and slated for delivery in May 2015, consists of two office buildings that total 242,000 square feet and are preleased to Netflix, Inc.

The entire office park will consist of 485,000 square feet of Class A office space in three- and four-story buildings, developed by a joint venture between Sand Hill Property Co., of Menlo Park, Calif., and The Carlyle Group, of Washington, D.C.

The financing, which features a variable, LIBOR-based interest rate, was provided by a syndicate of lenders led by SunTrust Robinson Humphrey with SunTrust Bank as administrative agent. John Nelson, an executive vice president with CBRE’s San Francisco office, arranged the financing.

According to Sand Hill’s website, however, The Grove is being developed on a 21.5-acre site that was previously a 10-building, 250,485-square-foot R&D campus known as Los Gatos Business Park. The new project will be valued at $236 million on completion of construction.

The website describes the property, at the southeast corner of Winchester Boulevard and Highway 85 (the West Valley Freeway), as “one of the largest parcels assembled in the Town of Los Gatos.” The redevelopment is to include demolition of all existing structures and their replacement with four four-story office buildings and a five-level parking structure.

“The very tough entitlement and approval process in the Town of Los Gatos, coupled with an extremely limited availability of developable land, make Los Gatos one of the highest barrier-to-entry markets in all of Silicon Valley,” Nelson said in the CBRE release.

CBRE touted Santa Clara County as the nation’s best-performing metro economy, one that’s likely to stay among the top markets for years to come, according to a January 2013 report by the Milken Institute, of Santa Monica.

A third-quarter report from Marcus & Millichap is also sanguine about the metro San Jose office market, estimating that office-using employment growth will be up 3.6 percent this year. Combined with deliveries of just 1.7 million square feet (versus 2.3 million in 2013), that’s expected to push overall vacancy down about 140 basis points over last year, to 10.8 percent.

Asking rents are forecast by M&M to rise about 4.9 percent by year-end, to $34.62 per square foot.